Arbitrage funds may have further options available to maximise the value of their position in companies seeking to avail themselves of the Cayman Islands merger regime. In the recent article published by the Association of Insolvency and Restructuring Advisors the upward trajectory in share appraisal litigation in Cayman Islands was considered. This momentum is attributable to a number of factors but certainly fund managers will note that the discounted cash flow (DCF) (and indeed other income-based company valuation methodologies) can still prevail in Cayman. These types of actions have now proved by far the preferred remedy for shareholders who are dissatisfied with a merger or consolidation in the Cayman Islands. However, this is not the only remedy available to minority shareholders. The authors of this article are aware of other instances in the Cayman Islands where minority shareholders have issued proceedings to seek to prevent a merger from taking place and propose why we are likely to see a number of similar challenges in the months and years to come.